Melbourne

​The GPT Group has purchased a fully leased commercial building at 109 Burwood Road, Hawthorn from a private investor for $63million as a seed asset for a metropolitan office fund.

Robert Anderson and Joshua Tebb of JLL sold the landmark A grade commercial office building off-market on an initial yield of 8.7 per cent.

Head of Sales and Investments, Robert Anderson said, “The commercial investment market remains very strong and investors are becoming increasingly aware of the relative value good quality city fringe investments are as an alternative to the tightly held CBD market.”

Located six kilometres east of Melbourne’s CBD on the corner of Burwood Road and Power Street, the property is situated within a well-established precinct with a range of nearby amenity and is easily accessible with all modes of public transport and major arterial networks in close proximity.

Constructed in 2008, the building is near new with approximately 13,000square metres of net lettable area over 5 floors of office accommodation with 455 car spaces. Incorporating large flexible floor plates, a high quality fitout and an environmentally sustainable design, the building also offers excellent end of trip facilities, substantial balcony provision and large rooftop terrace area.

The property is currently 100 per cent leased to a mix of high calibre corporate tenants including Amcor and Fusion Retail Brands.